Does Japan's Revival Have Legs?

Skeptics abound, but some money managers see reasons for long-term hope, including reforms favored by Prime Minister Shinzo Abe.

Japan's stock market has been on a tear, with the benchmark Nikkei index posting its best April in two decades to cap nine straight months of gains. The rally, fueled by the new government's stimulus policies, has been a boon for short-term investors. But could Japan, with two decades of economic stagnation...